Electrical Steel Market Size, Share, Trends, Outlook, Growth Opportunities and Market Forecast 2023 - 2030
Electrical Steel Market is segmented By Type (Grain Oriented Electrical Steel, Non-Grain Oriented Electrical Steel), By Application (Transformers, Motors & Generators, Inductors), By End-User (Automotive Industry, Construction Industry, Manufacturing, Domestic Appliances, Energy), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis 2023 - 2030
Electrical Steel Market Overview
The global electrical steel market reached USD million in 2022 and is projected to witness lucrative growth by reaching up to USD million by 2030. The market is growing at a CAGR of XX% during the forecast period (2023-2030). In the cores of generators, motors, transformers and other power supply and conversion systems, electrical steel plays a crucial functional role.
Low iron loss in particular has been necessary in recent years in order to increase efficiency and, consequently, energy savings in these devices, which will help to reduce CO2 emissions into the atmosphere. Electrical steel is a unique type of steel that is designed to have magnetic features like high permeability and a small hysteresis area (low core loss or modest energy dissipation per cycle).
Electrical Steel Market Scope and Summary
|
Metrics |
Details |
|
CAGR |
XX% |
|
Size Available for Years |
2021-2030 |
|
Forecast Period |
2023-2030 |
|
Data Availability |
Value (US$) |
|
Segments Covered |
Type, Application, End-User and Region |
|
Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
|
Fastest Growing Region |
Asia-Pacific |
|
Largest Region |
North America |
|
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
Electrical Steel Market Dynamics and Trends
The growing automotive industry
The growing demand for electric vehicles in the automotive industry is the primary driver of the electrical steel market. The traction motor of a hybrid electric vehicle uses the electric steel for high-frequency transformers and high-speed electric motors together. Also, the steel sheets are a crucial component in determining the effectiveness of motors because they are effective at transmitting magnetic energy and are frequently used as the iron core materials for motors.
The rising industrialization and use of motors
Increased industrialization & the usage of motors in the residential sector are driving the use of electrical steel in motors. Electric motors now can't function without electrical steel since it generates a stronger magnetic flux, which is essential for torque. It also promotes greater effectiveness. Vendors in the electrical steel market should see significant income growth given that the UN's sustainable development programme asks for expanded industry during the projection period.
Electrical Steel Market Segment Analysis
The global electrical steel market is segmented based on type, application, end-user and region.
The rising applications in transformers and charging stations of EVs
During the projection period, grain oriented electrical steel is anticipated to increase rapidly. Transformers and EV charging stations are the principal uses for grain oriented electrical steel (GOES). It uses less material in the core's winding because of its high magnetic induction and stacking factor. Its magnetic characteristics lower core losses and offer affordable, effective solutions for transformers. Several grades of GOES are available and are utilised in different sorts of transformers. The thickness of the grades determines how they differ.
Source: DataM Intelligence Analysis (2023)
Electrical Steel Market Geographical Penetration
The rising focus on EVs and power generation in North America
North America is expected to have an impact on the market for electrical steel due to the region's increasing focus on power generation and the manufacture of electric vehicles. The market for electrical steel is being driven by the increased demand for electric motors and charging stations. For instance, Foxconn declared in March 2021 that it will begin producing electric vehicles in North America by 2023.
For the next three years, the business intends to invest US$ 354 million on EV-related and other operations. Companies are placing more emphasis on electric motors as a result of rising EV sector investments. For instance, Exro Technologies Inc. declared in April 2021 that it intended to build a 37,000 square foot manufacturing facility in Calgary, Canada.
Source: DataM Intelligence Analysis (2023)
Electrical Steel Companies and Competitive Landscape
The major global players include ArcelorMittal S.A., Baosteel Group Corporation, Pohang Iron and Steel Company (POSCO), Nippon Steel & Sumimoto Metal, JFE Holdings Inc., Jiangsu Shagang Group, Tata Steel, The United States Steel Corporation (US Steel), Angang Steel Co. Ltd. and Gerdau.
Key Developments
- In April 2020, an order was placed by Shougang Qian'an Electric Vehicle Electrical Steel Co., Ltd., with Primetals Technologies for a New 6-stand Hyper Universal Crown Control mill for the manufacture of high-grade electrical steels.
- On May 2021, JFE Steel Corporation and JSW Steel Limited (JSW) signed a memorandum of understanding to make a feasibility study for creating an Indian joint-venture business for the manufacturing and marketing grain-oriented electrical steel sheets.
- In order to improve its capacity for producing electrical steel sheets, Nippon Steel announced plans to invest almost US$1 billion in two locations in Japan in November 2020. The set of capacity and quality enhancement measures, which will put into action in the first half of 2023, are expected to result in an increase in production capacity of over 40%.
The global electrical steel market report would provide approximately 61 tables, 65 figures and 212 pages.